Volkswagen says tax man to benefit from Porsche tie-up

WOLFSBURG, Germany Tue Jun 12, 2012 1:36pm EDT

A Volkswagen logo is seen next to an emergency exit sign on the company's booth during the first media day of the Geneva Auto Show at the Palexpo in Geneva, March 6, 2012. REUTERS/Valentin Flauraud

A Volkswagen logo is seen next to an emergency exit sign on the company's booth during the first media day of the Geneva Auto Show at the Palexpo in Geneva, March 6, 2012.

Credit: Reuters/Valentin Flauraud

WOLFSBURG, Germany (Reuters) - Volkswagen's (VOWG_p.DE) finance chief said the car company would integrate sportscar maker Porsche as soon as possible, also signaling that media reports of a tax-exempt way to soon complete the transaction were exaggerated.

"We aim to complete the integrated automotive group as quickly as possible," Chief Financial Officer Hans Dieter Poetsch told journalists on the sidelines of a ceremony at the VW headquarters in Wolfsburg on Tuesday.

Business weekly WirtschaftsWoche reported on Saturday that holding company Porsche SE (PSHG_p.DE) found a way to sell the remaining 50.1 percent of its sports car unit Porsche AG to Volkswagen without paying an estimated 1.5 billion euros ($1.9 billion) in tax. <ID:L5E8H90OX>

Porsche SE had previously said it would have to wait until August 2014 to sell the remaining stake tax-free.

"A swifter solution (than 2014) should be in the interest of the tax authorities," Poetsch said on Tuesday.

(Writing by Ludwig Burger)

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